Bitcoin holders are becoming more comfortable borrowing against their crypto as market confidence grows, according to Seamus Rocca, CEO of the Gibraltar-based private bank, Xapo Bank. 

In an interview at the Token2049 event in Dubai, Rocca told Cointelegraph that with Bitcoin (BTC) hovering around $95,000 and institutional adoption starting to catch on, the mood among investors has shifted from short-term speculation to a more long-term outlook. 

“I’m not sure that confidence would have been there three or four years ago,” Rocca told Cointelegraph. “But today, people are more comfortable to borrow against Bitcoin because we’re nowhere near the levels that would trigger liquidation.”

On March 18, Xapo Bank launched a lending product that allows users to borrow US dollars using their Bitcoin as collateral. With the product, qualified clients can access up to $1 million in loans while keeping their BTC.

Xapo Bank CEO Seamus Rocca at the Token2049 media lounge. Source: CointelegraphBitcoin-backed loans are an “obvious” next step

Rocca told Cointelegraph that growing confidence in crypto’s long-term trajectory had fueled demand for the product. This has been driven by developments leading to broader institutional adoption. 

“Expectations are for institutional space coming in, the ETFs, and the mood music on Bitcoin is much more about wider adoption and long-term thinking than very short-term speculation,” Rocca said. 

He said this shift is the key to unlocking demand for borrowing against BTC, as investors feel more secure and feel that sharp price drops are less likely to happen. 

The Xapo Bank CEO said that its Bitcoin-backed loans offer loan-to-value (LTV) ratios of 20%, 30% and 40%, giving borrowers flexibility while managing risk. “If you get a 20% LTV loan and you have 100 Bitcoin, as a lot of early adopters do, that’s still a couple of million dollars you can borrow without having to sell them,” Rocca said. 

With conservative LTV levels like 20%, Bitcoin must fall below $40,000 for borrowers to get liquidated. “We’re nowhere near $40,000,” Rocca told Cointelegraph, pointing to the current price stability as a reason for growing borrower confidence.

Related: Blockchains ready for institutions, lawyers hesitate: DoubleZero CEO

Borrowing helps investors avoid selling in emergencies

Rocca said Bitcoin-backed loans provide a solution for holders who want to stay exposed to BTC when facing life’s unexpected expenses. “If you follow the ethos of investing, the smart thing to do would be not to sell it in three days if it goes to $100,000,” Rocca said.

“But life gets in the way,” Rocca added. He told Cointelegraph that unexpected costs, like medical bills or replacing a car, often force investors to liquidate assets at unfavorable times. Rocca said that instead of selling Bitcoin for a $10,000 expense, investors could borrow against their holdings while simply paying interest on the loan.

“You continue to have the upside potential of the price appreciation of the Bitcoin because you haven’t sold it,” he said. “But you get liquidity to pay for things that you need in everyday life.”

With institutional adoption deepening and the Bitcoin market maturing, the Xapo Bank executive is betting that more long-term holders will be ready to tap into crypto liquidity without selling their BTC. This marks a shift from the “hodl” culture to an age where Bitcoin owners can do more with the asset. 

Magazine: 12 minutes of nail-biting tension when Ethereum’s Pectra fork goes live

Key takeaways:

Inter Milan Fan Token jumped 10.5% after beating Barcelona, showing a direct price correlation with match outcomes.

PSG and AFC fan tokens signal breakout patterns ahead of the Champions League semifinal.

Crypto betting odds favor PSG over Inter Milan, influencing fan token trading volumes and short-term price setups.

The Inter Milan Fan Token ($INTER) rallied sharply after Inter Milan’s 4-3 victory over Barcelona FC in the Champions League semifinal on May 6, rising nearly 10.50% on match day and maintaining gains at $1.19 as of May 7.

Fan tokens are digital assets that holders, fans of a specific sports teams, clubs or players, own and derive value from. 

INTER/USD daily price chart. Source: TradingViewINTER’s price correlates with match outcomes

Hourly price data showed extreme volatility as the match unfolded.

$INTER dropped more than 20% during the game within the hour when the score was tied 3–3 around 20:33 UTC. It rebounded by over 30% in the next hour following Inter Milan’s extra-time winning goal.

Both hourly candlesticks were accompanied by more substantial trading volumes.

INTER/USD hourly price chart. Source: TradingView

The live price swings reflected real-time speculative trading responding to scoreline changes, enforcing the direct correlation between fan token valuations and match outcomes.

A similar correlation was visible on the Barcelona Fan Token ($BAR) charts.

The BAR price dropped 19.50% on May 6, with its hourly candlesticks showing about 13.50% gains when tied 3-3 with Inter and a sharp 20.75% drop after losing the game in the next hour.

BAR/USDT hourly price chart. Source: TradingViewParis Saint-Germain favorite to beat Arsenal, Inter

Inter Milan will likely play Paris Saint-Germain (PSG) in the final match, according to Polymarket’s crypto betting data, if the latter beats Arsenal in the semifinal on May 7.

47.1% of bettors favor PSG winning the final on May 31, with Inter and Arsenal trailing with 38.6% and 13% odds.

Champion League winner odds data. Source: Polymarket

Trading volumes of Paris Saint-Germain Fan Token ($PSG) and Arsenal Fan Token ($AFC) have soared ahead of their standoff, up about 100% and 200% in the last 24 hours, respectively.

Prices are relatively stable ahead of the game, which indicates decisiveness among traders if coupled with rising volumes. This could result in high price volatility during the game, similar to what INTER and BAR witnessed on May 6.

AFC and PSG token prices and volumes (24 hours). Source: CoinMarketCapINTER, PSG, AFC fan tokens price outlook

Like the INTER token, PSG will likely rise in price if it beats Arsenal in the semifinal.

That may assist the token in breaking out of its prevailing ascending triangle pattern to reach $3, up about 10% from the current price levels. PSG last tested the $3 level on Jan. 23, a day after it defeated Manchester City by 4-2 in the Champions League.

PSG/USD four-hour price chart. Source: TradingView

In the event of a loss, PSG’s price risks a decline toward its 50-4H exponential moving average (50-4H EMA; the red wave) at $2.48 and 200-4H EMA (the blue wave) at $2.23.

AFC cup-and-handle suggests 17% gains

AFC’s token price can rally 17% to $0.77 if Arsenal beats PSG on May 7. The upside target is derived from AFC’s prevailing cup-and-handle pattern, a classic bullish reversal setup.

An Arsenal loss, on the other hand, could push AFC’s price toward its 50-4H exponential moving average (50-4H EMA; the red wave) support at around $0.63, with the 200-4H EMA (the blue wave) near $0.56 serving as the primary downside target.

AFC/USDT four-hour price chart. Source: TradingView

These targets are down approximately 5% and 15% from the current levels.

INTER’s next move depends on PSG vs. Arsenal

INTER’s latest rally brought its price to a key resistance area that served as solid support from December 2024 to January 2025. This area coincides with the $1.14-1.19 range.

Related: Is it a bull or bear market? How to tell the difference

Technically, it’s probable that INTER consolidates between the range as resistance and its 200-day EMA (the blue wave) at around $1.07 as support.

INTER/USDT daily price chart. Source: TradingView

A Paris Saint-Germain win may push INTER’s price below the 200-4H support to test the 50-day EMA (the red wave) around $0.89 as the downside target.

A loss against Arsenal, on the other hand, could improve Inter Milan’s odds of winning the Champions League, resulting in a speculative rise above the $1.14-1.19 range. The next probable target in such a case is around $1.27, which served as resistance in January.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bhutan, known for investments in cryptocurrencies like Bitcoin, has launched a tourism crypto payment system in partnership with Binance Pay and DK Bank.

The system allows Bhutan travelers with Binance accounts to pay for services like tickets, hotel stays, tour guides and other products using at least 100 different crypto assets, including Bitcoin (BTC), USDC (USDC) and Binance-backed BNB (BNB).

The initiative also opens a payment gateway for businesses in Bhutan, enabling them to accept crypto payments through a QR code on a phone, according to an announcement by Binance on May 7.

“This is more than a payment solution — it’s a commitment to innovation, inclusion, and convenience,” said Damcho Rinzin, director of Bhutan’s tourism department.

Benefits for small businesses in remote areas

The partnership specifically targets small businesses in Bhutan, such as vendors and rural artisans who may never have had access to card terminals or payment infrastructure.

“Even Bhutan’s most remote businesses can now accept crypto through a phone, gaining access to international travelers with just a QR code,” the announcement said.

Source: Binance

Binance said tourists will be able to pay for services without needing local currency or cash.

Related: Crypto spending will grow, but fiat isn’t going anywhere: Mercuryo CEO

“No need to pack your wallet — hop on a journey of innovation and inclusion with just your Binance App,” Binance said in a post on X.

“World’s first national-level crypto tourism payment system”

Binance and Bhutan’s tourism department referred to the initiative as the “world’s first national-level crypto tourism payment system.”

“Bhutan’s model is the first to offer a fully integrated, end-to-end crypto payment system at the national level,” Binance’s announcement said, adding:

“It also addresses previous limitations by offering real-time confirmations, near-zero fees, and a fully licensed local bank handling settlements on the ground.”

Binance CEO Richard Teng emphasized that the system advances crypto payments in travel and “sets a precedent for how technology can bridge cultures and economies.”

Source: Bhutan’s tourism department

“This initiative exemplifies our commitment to innovation and our belief in a future where digital finance empowers global connectivity and enriches travel experiences,” Teng added.

Bhutan holds multiple crypto assets

Bhutan’s launch of the payments system aligns with its broader embrace of digital assets.

The country has been working to set up a strategic crypto reserve as part of a new economic hub, while the government has been reportedly mining and investing in Bitcoin since at least 2019.

According to Arkham, Bhutan’s commercial arm, Druk Holding and Investments (DHI), has added 374 Bitcoin to its stash since early January, increasing holdings to 12,062 BTC. Additionally, the entity holds modest amounts on chains like Polygon, BNB Chain and Base.

Crypto holdings of the Royal Government of Bhutan (DHI). Source: Arkham

While Bhutan has grown increasingly friendly to crypto adoption, regulating cryptocurrencies remains a legal gray area.

In 2020, Bhutan’s central bank, the Royal Monetary Authority (RMA), issued a warning against the Pi cryptocurrency, urging the public to exercise caution when investing in any crypto asset.

“The RMA would like to remind the general public to exercise due caution in making any investment in Pi or any other cryptocurrency as the implications, risks and use cases on the economy and financial systems are still to be ascertained,” the authority wrote.

Magazine: Bitcoin to $1M ‘by 2029,’ CIA tips its hat to Bitcoin: Hodler’s Digest, April 27 – May 3

Bhutan, known for investments in cryptocurrencies like Bitcoin, has launched a tourism crypto payment system in partnership with Binance Pay and DK Bank.

The system allows Bhutan travelers with Binance accounts to pay for services like tickets, hotel stays, tour guides and other products using at least 100 crypto assets, including Bitcoin (BTC), USDC (USDC) and Binance-backed BNB (BNB).

The initiative also opens a new payment gateway for businesses in Bhutan, enabling them to accept crypto payments through a QR code on a phone, according to an announcement by Binance on May 7.

“This is more than a payment solution — it’s a commitment to innovation, inclusion, and convenience,” Damcho Rinzin, director of Bhutan’s tourism department, said.

Benefits for small businesses in remote areas

The partnership specifically targets small businesses in Bhutan, such as vendors and rural artisans who may have never had access to card terminals or payment infrastructure before.

“Even Bhutan’s most remote businesses can now accept crypto through a phone, gaining access to international travelers with just a QR code,” the announcement states.

Source: Binance

Binance Pay said tourists will be able to pay for services without needing local currency or cash.

Related: Crypto spending will grow, but fiat isn’t going anywhere: Mercuryo CEO

“No need to pack your wallet — hop on a journey of innovation and inclusion with just your Binance App,” Binance Pay said in a post on X.

“World’s first national-level crypto tourism payment system”

Both Binance Pay and Bhutan’s tourism department referred to the initiative as the “world’s first national-level crypto tourism payment system.”

“Bhutan’s model is the first to offer a fully integrated, end-to-end crypto payment system at the national level,” Binance Pay’s announcement states, adding:

“It also addresses previous limitations by offering real-time confirmations, near-zero fees, and a fully licensed local bank handling settlements on the ground.”

Binance CEO Richard Teng emphasized that the crypto payment system not only advances crypto payments in travel but also “sets a precedent for how technology can bridge cultures and economies.”

Source: Bhutan’s tourism department

“This initiative exemplifies our commitment to innovation and our belief in a future where digital finance empowers global connectivity and enriches travel experiences,” Teng added.

Bhutan holds multiple crypto assets

Bhutan’s launch of a crypto payments system aligns with its broader embrace of digital assets.

The country has been working to set up a strategic crypto reserve as part of a new economic hub, while the government has been reportedly mining and investing in Bitcoin since at least 2019.

According to Arkham, Bhutan’s commercial arm, Druk Holding and Investments (DHI), has added 374 Bitcoin in its stash since early January, increasing holdings to 12,062 BTC. Additionally, the entity holds modest amounts on chains like Polygon, BNB Chain and Base.

Crypto holdings of the Royal Government of Bhutan (DHI). Source: Arkham

While Bhutan has been increasingly friendly to crypto adoption in the past months, the regulation of cryptocurrencies like Bitcoin remains somewhat in a legal gray area.

In 2020, Bhutan’s central bank, the Royal Monetary Authority (RMA), issued a warning against the Pi cryptocurrency, urging the public to exercise caution in making investments in any crypto asset.

“The RMA would like to remind the general public to exercise due caution in making any investment in Pi or any other cryptocurrency as the implications, risks and use cases on the economy and financial systems are still to be ascertained,” the authority wrote.

Magazine: Bitcoin to $1M ‘by 2029,’ CIA tips its hat to Bitcoin: Hodler’s Digest, April 27 – May 3

Despite the $1.4 billion lost in the recent Bybit hack, crypto companies have not changed their approach to cybersecurity, according to Hacken CEO Dyma Budorin. 

In an interview with Cointelegraph at the Token2049 event in Dubai, Budorin said the industry continues to rely on limited measures such as bug bounties and penetration tests, rather than implementing comprehensive, layered security strategies:

“Most of the projects think, ‘Okay, we did pentests. That’s enough. Maybe bug bounty. That’s enough.’ It’s not enough.”

He said that crypto companies must go beyond these isolated security measures and adopt more layered approaches similar to those of traditional industries. These include supply-chain security, operational security and blockchain-specific security assessments. 

“In big Web2 companies, this is mandatory,” Budorin added. 

Dyma Budorin at the Token2049 event in Dubai. Source: CointelegraphReal-time blacklisting, a step forward

While crypto security approaches remained the same, post-hack security approaches shifted slightly. Budorin told Cointelegraph there were some improvements in the crypto space’s post-hack security responses. 

“Maybe a little shift from a post-hack approach,” Budorin told Cointelegraph, citing how security firm Chainalysis introduced near real-time blacklisting of stolen funds. He said this small improvement is a step toward progress in crypto security.

“This is great because, previously, Chainalysis was blacklisting within three days when the funds were moving. And this is obviously nothing because hackers had enough time to launder, through exchanges, the stolen money,” Budorin said. 

On Feb. 21, the Bybit hack saw $1.4 billion in crypto stolen through a safe wallet vulnerability. This became the largest crypto hack in history. After the hack, the malicious actors laundered 100% of the stolen money in just 10 days. 

While faster blacklisting is a step forward, it still doesn’t address the deeper structural risks. “But in terms of the practice, cybersecurity, nothing changed,” Budorin told Cointelegraph. 

Related: Bybit hacker launders 100% of stolen $1.4B crypto in 10 days

Crypto losses near $360 million in April 

In April 2025, blockchain security firm PeckShield reported that the space saw nearly $360 million in digital assets stolen across 18 hacking incidents. 

Source: PeckShield

April’s losses show a 990% increase compared to March, when crypto lost to hacks totalled about $33 million. The largest chunk of the losses came from an unauthorized Bitcoin transfer. 

On April 28, blockchain investigator ZachXBT flagged a suspicious transfer of $330 million in BTC. The investigator later confirmed that the transfer was a social engineering attack targeting an elderly individual in the United States. 

Magazine: 12 minutes of nail-biting tension when Ethereum’s Pectra fork goes live

Japan’s Metaplanet purchased an additional 555 Bitcoin as part of its aggressive accumulation strategy, bringing its total holdings to 5,555 BTC, valued at over $536 million at current prices.

On May 7, the Tokyo-listed firm disclosed that it spent $53.4 million acquiring 555 Bitcoin (BTC) at an average price of $96,134. The company now holds 5,555 BTC, purchased for $481.5 million at an average price of $86,672 per Bitcoin, according to CEO Simon Gerovich.

The company also announced the issuance of another $25 million in zero-coupon ordinary bonds to fund its ongoing BTC buys. Since early 2024, the firm has raised over 35 billion yen ($244 million) through zero-coupon bonds and stock acquisition rights via its partner, Evo Fund.

The company’s proprietary key performance indicator, BTC Yield, has surged in recent quarters, reaching 309.8% in Q4 2024, 95.6% in Q1 2025, and 21% in the current quarter.

“In Japanese, the number 5 is pronounced “Go,” so today we’re shouting: Go go go go — to the moon and beyond!” Gerovich said in a post on X.

Source: Simon Gerovich

Related: Eric Trump joins Metaplanet’s strategic board of advisers

Metaplanet announces US subsidiary

On May 1, Metaplanet announced plans to launch a wholly owned US subsidiary, Metaplanet Treasury, based in Florida. The entity plans to raise up to $250 million to further its Bitcoin strategy and tap US capital markets.

Metaplanet is Asia’s largest public corporate holder of Bitcoin and ranks 11th globally, according to BitcoinTreasuries.NET.

At the beginning of April, the firm announced its acquisition of 696 BTC for 10.2 billion yen ($67 million). Later that same month, the firm acquired 330 Bitcoin for $28.2 million at an average price of $85,605 per BTC, bringing its total holdings to 4,855.

On April 24, the firm disclosed it bought an additional 145 BTC for $13.4 million, boosting its total holdings to 5,000 BTC.

Its shares surged 11% by midday on the Tokyo exchange, according to data from Google Finance.

Magazine: Rise of MicroStrategy clones, Asia dominates crypto adoption: Asia Express 2024 review

A hacker involved in the $4.67 million exploit of the decentralized finance lending protocol Voltage Finance in 2022 has moved some of the stolen Ether to Tornado Cash after a short hibernation. 

Blockchain security firm CertiK said in a May 6 post to X that the 100 Ether (ETH), worth $182,783 at current prices, was moved from a different address initially used in the exploit but can be traced back to the hacker.  

In March 2022, the exploiter took advantage of a “built-in callback function” in the ERC677 token standard and allowed them to drain the platform’s lending pool through a reentrancy attack, according to CertiK.

Source: CertiK

After the exploit, Voltage Finance reported that the hacker stole various stablecoins and other crypto, including USDC (USDC), Binance USD (BUSD), wrapped Bitcoin (WBTC), and Ethereum tokens. 

The address used by the hacker to get the funds to Tornado Cash had been dormant since November, with the last transaction occurring 166 days ago, Etherscan data shows.

In a postmortem of the 2022 exploit, Voltage Finance said the attacker’s address was flagged on Etherscan, and exchanges had been asked to block any transactions. Attempts were also made to contact the attacker and negotiate a bounty to return the funds.

Voltage Finance staking pools hit in March exploit

Voltage Finance was hit again by another exploit on March 18, when its Simple Staking pools were compromised, the protocol said in a statement posted to X. In total, $322,000 was stolen.

In its March 20 postmortem, Voltage Finance said it offered the attacker a bounty of $50,000 to return the funds and had possibly identified a developer who worked on the Simple Staking pools, who may have been involved.

“While we haven’t confirmed if he is the hacker, as a precaution, we revoked his access immediately and filed police reports to collaborate with law enforcement and centralized exchanges,” it said.

Related: Crypto hackers hit DeFi for $92M in April as attacks double from March

Overall crypto losses spiked by 1,163% in April, with the lion’s share coming from a single heist of an elderly US individual’s wallet, after a hacker used advanced social engineering tactics to steal 3,520 Bitcoin (BTC), worth $330.7 million.

Excluding that attack, April’s crypto losses were $34 million, a 21% jump from March.

However, the month also saw over $18 million returned when the hacker behind the $7.5 million exploit of decentralized exchange KiloEx returned all the stolen funds only four days after the attack.

The ZKsync Association also recovered $5 million worth of stolen tokens from an April 15 security incident involving its airdrop distribution contract.

Magazine: Financial nihilism in crypto is over — It’s time to dream big again

A hacker involved in the $4.67 million exploit of the decentralized finance lending protocol Voltage Finance in 2022 has moved some of the stolen Ether to Tornado Cash after a short hibernation. 

Blockchain security firm CertiK said in a May 6 post to X that the 100 Ether (ETH), worth $182,783 at current prices, was moved from a different address initially used in the exploit but can be traced back to the hacker.  

In March 2022, the exploiter took advantage of a “built-in callback function” in the ERC677 token standard and allowed them to drain the platform’s lending pool through a reentrancy attack, according to CertiK.

Source: CertiK

After the exploit, Voltage Finance reported that the hacker stole various stablecoins and other crypto, including USDC (USDC), Binance USD (BUSD), wrapped Bitcoin (WBTC), and Ethereum tokens. 

The address used by the hacker to get the funds to Tornado Cash had been dormant since November, with the last transaction occurring 166 days ago, Etherscan data shows.

In a postmortem of the 2022 exploit, Voltage Finance said the attacker’s address was flagged on Etherscan, and exchanges had been asked to block any transactions. Attempts were also made to contact the attacker and negotiate a bounty to return the funds.

Voltage Finance staking pools hit in March exploit

Voltage Finance was hit again by another exploit on March 18, when its Simple Staking pools were compromised, the protocol said in a statement posted to X. In total, $322,000 was stolen.

In its March 20 postmortem, Voltage Finance said it offered the attacker a bounty of $50,000 to return the funds and had possibly identified a developer who worked on the Simple Staking pools, who may have been involved.

“While we haven’t confirmed if he is the hacker, as a precaution, we revoked his access immediately and filed police reports to collaborate with law enforcement and centralized exchanges,” it said.

Related: Crypto hackers hit DeFi for $92M in April as attacks double from March

Overall crypto losses spiked by 1,163% in April, with the lion’s share coming from a single heist of an elderly US individual’s wallet, after a hacker used advanced social engineering tactics to steal 3,520 Bitcoin (BTC), worth $330.7 million.

Excluding that attack, April’s crypto losses were $34 million, a 21% jump from March.

However, the month also saw over $18 million returned when the hacker behind the $7.5 million exploit of decentralized exchange KiloEx returned all the stolen funds only four days after the attack.

The ZKsync Association also recovered $5 million worth of stolen tokens from an April 15 security incident involving its airdrop distribution contract.

Magazine: Financial nihilism in crypto is over — It’s time to dream big again

Key takeaways:

Large Bitcoin holders have accumulated 81,338 BTC over the past six weeks, showing confidence in a future price uptrend.

Wallets with less than 0.1 BTC sold around 290 BTC, indicating smaller retail investors are either panic selling or selling out of boredom. 

Spot Bitcoin ETFs have seen $4.41 billion in inflows since March 26.

While larger Bitcoin holders remain confident and continue accumulating the asset, data from a crypto analytics platform shows that smaller retail investors have been shedding BTC amid the asset’s prolonged consolidation below the $100,000 price level.

The contrasting behavior between Bitcoin (BTC) whales and retail investors often signals that Bitcoin may be heading toward another upward trend, Santiment said in a May 6 X post. 

Bitcoin’s smaller players show cold feet

“When large wallets gradually accumulate in tandem with retail panic selling/selling out of boredom, it is generally a strong long-term sign of prices biding their time before another breakout,” Santiment said.

Bitcoin wallet holders with between 10 and 10,000 BTC have accumulated a combined 81,338 BTC over the past six weeks since March 26.

This represents a 0.61% increase in the cohort’s total holdings. Santiment said this could signal a potential retest of the psychological $100,000 price level in the near future. “As May progresses, Bitcoin’s key stakeholders are mostly moving in the right direction if you’re rooting for $100K BTC in the near future,” Santiment said.

However, Bitcoin wallets with less than 0.1 BTC sold off approximately 290 Bitcoin over the same period. Since March 26, Bitcoin has traded between $76,273 and $97,210, according to CoinMarketCap data.

Bitcoin is trading at $96,360 at the time of publication. Source: CoinMarketCap

Bitcoin fell below $100,000 on Feb. 1 after US President Donald Trump announced his tariffs and has yet to reclaim that price level. At the time of publication, Bitcoin is trading at $96,360.

Meanwhile, spot Bitcoin ETF holders have accumulated over the same period, with US-based spot Bitcoin ETFs totaling $4.41 billion in inflows since March 26, according to Farside data. 

Bitcoin dominance continues to soar

The overall crypto market is still concentrated around Bitcoin. Bitcoin dominance reached 65% on May 6, the highest reading since January 2021, according to TradingView data. 

Related: Watch these Bitcoin price levels as BTC meets ‘decision point’

At the time of publication, the metric is 65.19%. Meanwhile, CoinMarketCap’s altcoin season index still reads “Bitcoin Season,” indicating the market is favoring Bitcoin over altcoins.

While several analysts have been eyeing new all-time highs by the end of June, Bitfinex analysts recently said that Bitcoin needs to continue to hold above the $95,000 level to climb back and retest its all-time high or face an even deeper correction.

Magazine: 12 minutes of nail-biting tension when Ethereum’s Pectra fork goes live

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Investors have been piling into BlackRock’s spot Bitcoin exchange-traded fund for over three weeks straight, culminating in the asset’s run up to $97,000 on May 7.

The BlackRock iShares Bitcoin Trust has seen 16 days of inflows for the spot BTC ETF, with a further 280 Bitcoin (BTC) or around $36 million piling into the fund on May 6, according to HODL15Capital.  

The inflow streak was noted by ETF Store President Nate Geraci, who also observed on X that the fund was approaching $5 billion in new capital. 

“I remember when naysayers didn’t think spot Bitcoin ETFs would take in $5 billion in total last year,” he added. 

“IBIT alone has done this in a few weeks, more than a year after launch.”

The BlackRock fund (IBIT) has seen around $4.7 billion in inflows since its last outflow day on April 9.

Additionally, it is the only spot BTC ETF in the United States to post inflows this week, with all other funds outflowing assets or seeing zero flows since May 1, according to Farside Investors. 

The last trading day on May 6 saw an aggregate outflow of $86.4 million as Grayscale’s GBTC shed almost $90 million, offsetting the BlackRock inflows. 

Spot Bitcoin ETFs see first outflow day this month. Source: Coinglass

It is a really good sign for the long term, commented Bloomberg ETF analyst Eric Balchunas, adding that it “Inspires confidence in our call that BTC ETFs will have triple gold’s [ETF’s] AUM [assets under management] in 3 to 5 years.”

Related: US Bitcoin ETFs bought 6x more than BTC miners produced last week

In related news, BattleShares has filed for four ETFs on May 6 aimed at pitting Bitcoin against Ethereum and gold with a mix of long and short positions.

“A new ETF is going to go long Bitcoin and short Ether,” commented Balchunas about one of the ETFs, who added, “The ticker should be MAXI.”

Bitcoin back at resistance 

Spot Bitcoin prices have returned to resistance, briefly topping $97,500 during early trading on May 7. 

The asset revisited May 2 price levels but could not advance further, falling back to $96,538 at the time of writing, according to CoinGecko. 

The 2.2% daily gain may have been partly driven by New Hampshire becoming the first US state to pass strategic Bitcoin reserve legislation on May 6. 

“The odds of multiple states passing Strategic Bitcoin Reserve legislation into law just went up by a massive amount today,” commented Satoshi Action Fund co-founder and CEO Dennis Porter. 

Sentiment may have also been boosted by reports that the United States and China are planning to hold high-level trade talks in Switzerland this weekend, according to the Washington Post. 

“We will meet on Saturday and Sunday to discuss our shared interests,” Treasury Secretary Scott Bessent wrote on X. “The current tariffs and trade barriers are unsustainable, but we don’t want to decouple. What we want is fair trade,” he added. 

Magazine: Bitcoin to $1M ‘by 2029,’ CIA tips its hat to Bitcoin: Hodler’s Digest